Sunday, May 29, 2011

Rainy Day Fund untapped as legislators pass budget

Austin – State lawmakers cut $27.1 billion from programs such as education, universities and health care to pass a budget through both houses.

Following a long day of debate that stretched into the late night hours Saturday, Republicans in the House and Senate dodged using the “Rainy Day Fund” to make up for budget shortfalls and sent a spending bill to the Governor's desk for approval.

The fund is made up of money collected in royalties from oil and gas leases on state lands when prices are especially high. The debate broke out along party lines, with Democrats advocating the use of the rainy day money and the Republican majority calling for the massive cuts in spending that they finally passed.

No comments:

Post a Comment